公司关系视角下认缴资本制的修正

Revision of the Subscription Capital System from the Perspective of Corporate Relationship

2014年公司法实施的完全认缴资本制度,符合中国投资文化而具有中国特色,但其仅着眼于公司成立前的鼓励投资和公司清偿不能后的债权人保护,对于公司成立以后围绕资本产生的股东、公司(管理人)及债权人之间的关系,缺乏合理安排,使得本作为公司的资本问题成为一种围绕股东认而未缴出资的债权债务问题,对公司人格、有限责任、公司治理均产生重大影响。《公司法(修订草案)》通过增订催缴、加速到期等制度而对有限责任公司继续采认缴资本制,但仍未能从根本上解决其存在的问题。认缴资本制的修改,应理顺公司资本关系,符合公司人格、有限责任及公司治理法理,建立以支付规则为中心的规范体系。

The fully subscribed capital system implemented by the Company Law in 2014 is in line with chinese investment culture and has chinese characteristics,but it only focuses on the encouragement of investment before the establishment of the company and the protection of creditors after the company cannot pay off.There is no reasonable arrangement for the relationship among shareholders,the company(manager)and creditors around capital after the establishment of the company,The capital problem of the company has become a problem of creditor’s rights and debts around the shareholders’subscribed but unpaid capital contributions,which has a significant impact on the company’s personality,limited liability and corporate governance.The Company Law(revised draft)continues to adopt the subscribed capital system for limited liability companies through the addition of systems such as call and accelerated maturity,but it still fails to fundamentally solve its existing problems.The revision of the subscribed capital system should straighten out the capital relationship of the company,comply with the legal principles of corporate personality,limited liability and corporate governance,and establish a normative system centered on payment rules.